Construction Spending Dips in Janary

Washington, DC, March 1, 2012 --  Construction spending dropped slightly in January after businesses spent less.

The Commerce Department said that construction spending slipped 0.1% in January to a seasonally adjusted annual rate of $827 billion, marking the first monthly drop since July.

Private residential construction rose 1.8% on the month to reach the highest level in a year.

However, private nonresidential construction fell 1.5%, pulled lower by manufacturing and power spending, and public construction declined 0.2% after a 5.5% decline in federal construction.